Speaking a new language brings with it a plethora of benefits: from being able to communicate with locals while abroad, to taking you out of your comfort zone and boosting your personal confidence–multilingualism can also make you richer.

Sound crazy, but it’s true, there are many situations where knowing another language can either save you money or earn you more money. But, how do you learn a new language? You could always try out a language learning app such as Babbel. Once you’ve started your progress, you’ll quickly see how your new skills will help you earn more money in the following situations.

Increased earning potential

Speaking more than one language gives you a competitive advantage over monolinguists—especially if your company partners with companies where English isn’t the first language. Being able to communicate with colleagues, clients or customers in their native tongue removes any need for a middleman [ie. a translator], making business easier and more cost-efficient for your company. Not to mention, it’ll help you to build rapport while also making you indispensable. Jobs that require bilingualism can often pay more because additional skills are required. Which brings us to our next point…

Stand out amongst the competition

When jobs specify multiple language skills, applicants that don’t fit the bill are instantly ruled out. The competition for that position is instantly halved—if not more—and leaves only other multilinguals in the running. Moreover, learning a second language takes some level of dedication, which is seen as a huge plus by employers. Having this on your resume makes you more marketable, as it shows your motivation and drive to learn new skills.

Get an instant pay upgrade

Although many jobs don’t require you to speak another language, some may increase your pay just by knowing one. For example, since French is the second official language in Canada, if you’re a federal government employee, you may get an instant pay increase as soon as you pass a proficiency test. Depending on the company, you may also get a pay increase if you have a customer service job and are bilingual. Think about it, when you call into customer service, one of the first questions asked is if you want to speak to someone in French or English. Yes, some people will speak just one language, but the odds are those who speak both will have a higher earning potential.

It’ll give you options

If you’ve ever thought about working abroad, knowing the local language definitely helps. For example, let’s say you wanted to work in Hong Kong. Knowing Cantonese likely wouldn’t be a full requirement, but it would definitely help your case. Or let’s say you’re travelling for a year and bouncing around countries, you might be able to pick up some small work to fund your travels as long as you know the local language.

Save money while travelling

Knowing the native language of wherever you are travelling can help you save money. From not getting ripped off at the markets to avoiding the notorious tourist tax, there are several ways that communicating with locals in their native tongue can save you money. For more on how knowing the language of where you are visiting saves you money, check out my post on 6 ways knowing the local language saves you money.